April 2, 2015

Residential Skyline Report – Second Half, 2014

News Summary: A total of 27,601 lots were in the 383 active subdivisions identified by Skyline Report researchers in the last half of 2014. Of these lots, 8,787 were classified as empty, 113 were classified as starts, 673 were classified as being under construction, 346 were classified as complete but unoccupied, and 17,682 were classified as occupied. In 67 of the 383 active subdivisions, no new construction or progress in existing construction has occurred during the last four quarters. During the second half of 2014, 1,048 new houses in active subdivisions became occupied, down 2.0 percent from the 1,093 in the first half of 2014.

There were 1,048 building permits issued in Benton and Washington counties from July to December 2014, a 4.2 percent decrease from the 1,094 building permits issued during the same period of 2013 and an 11.4 percent drop from the 1,183 building permits issued in Benton and Washington counties from January to June in 2014. Benton County accounted for 628 of the residential building permits, while Washington County accounted for 420. The average value of all building permits in Northwest Arkansas from July through December 2014 was $248,080, up 1.4 percent from the average value of $244,575 reported in the same period of 2013 and up 5.5 percent from the average value of $235,101 reported from January to June 2014.

Average prices of existing homes sold at the end of 2014 were mixed in Benton and Washington counties compared with the first half of 2014. The average sold price of Benton County homes during the second half of 2014 was $203,419, up 8.2 percent from the average sold price of $188,084 during the first half of 2014. In Washington County, the average price of existing homes sold was $178,774, down by 2.9 percent from the average sold price of $184,132 from January to June of 2014.

Home values, as measured by the average cost per square foot of existing homes sold during the second half of 2014, increased by 4.8 percent in Benton County to $88.61 from $84.58 during the first half of 2014. In Washington County, the average cost per square foot of existing homes sold from July to December 2014 was $89.30, up 0.1 percent from the average cost per square foot of $89.24 reported during the first half of 2014.

Average Price Per Square Foot (Existing Home Sales)

2H2014 / 1H 2014 / 2H 2013
Benton County / $88.61 / $84.58 / $82.29
Washington County / $89.30 / $89.24 / $87.87

From July 1, 2014, to December 31, 2014, there were 3,691 houses sold in Benton and Washington counties. This is an increase of 8.3 percent from the 3,407 sold during the same time period in the previous year. There were 2,951 houses listed for sale in Benton and Washington Counties in the MLS database as of December 31, 2014, at an average list price of $273,676.

For additional information, contact: Michelle Fittro, Arvest Bank, 479.202.1946,